Introduction
If you conduct a trade, profession, or business as a corporation or partnership, or if a non-resident person is subject to profits tax in your name, you must complete the Profits Tax return. You should also fill out additional forms and other forms for reporting other information. Following that, you must file your return with the Inland Revenue Department (IRD) before the due date.
Types of profit tax returns
Here are the 3 types of profit tax returns. Please note that it does not include sole proprietorship businesses, which belong to the category of individual tax.
Supplementary forms and other forms
Supplementary forms
- For reporting information on preferential regimes and tax incentives
- Should be submitted electronically
Other forms
- For reporting information on specified foreign-sourced income and family-owned investment holding vehicle
- Should be submitted electronically
Control List
- For those who hand in supplementary forms and other forms in paper form
- If you would like to hand in paper form, you should print and sign the Control List. After that, you should submit it with the Profit Tax return
- Signatures on Profit Tax return and the Control List should be from the same person
What businesses should file it?
Newly registered business
In normal situations, a new business will receive its first Profit Tax return 18 months after the beginning of the business.
Annual Bulk Issue of Return in Continuing Business
Take place on the first working day of April.
Businesses that do not need to submit Profit Tax return every year
Businesses that do not generate assessable profits, have not started, or have stopped do not need to submit Profit Tax return annually. However, businesses should still need to file the Profit Tax return during tax potential review if they receive it.
When should businesses file it?
- In a normal situation, businesses should file Profit Tax return, supplementary forms, and other forms within one month from the date of issue
- Using electronic filing, businesses can have one more month to file all documents
What if I want to extend the submission time?
- Businesses may have extension of filing time under most exceptional situations.
- You need to write an explanation of the reasons for the late submission with evidence.
How can FastLane HR offer help?
We believe that you have acquired a brief understanding of the Profit Tax return. For more information, you should check the official website of HKSAR government. However, it will be less time-consuming if you outsource your taxation work to other HR advisory agencies. FastLane HR has years of experience in taxation services. Collaborating with our professional team allows you to enjoy high-quality, one-stop taxation services while reducing costs. Should you have any inquiries, please contact us via WhatsApp, WeChat, or phone calls. You can also schedule a meeting with us for further information. We look forward to seeing you.